The Liechtensteiner Vaterland reported last week that the regulatory authorities are anxiously waiting to see whether the jurisdictions new duty of care laws come up to scratch with the FATF.
At the plenary meeting of the Financial Action Task Force, which is scheduled for just under three weeks time in Hong Kong, the multilateral organisation will announce its verdict on the measures taken by Liechtenstein, among other countries, to ensure that the economically entitled persons or organisations behind all bank accounts are known.
However, according to the paper there is little cause for concern as Liechtenstein has uncovered the economically entitled persons behind 98% of all individual bank accounts, and obtained the business profiles for 97.2% of all corporate accounts. The remainder of the accounts have been frozen until the necessary documentation becomes available, which measure should serve to satisfy the FATF's demands.
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